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independence is the spirit that drives america's most successful investors. announcer: trade commission-free for 30 days plus get $100 cash when you open an account. >>> bob pisani down on the floor of the new york stock exchange. this is the best they can do right now. believe it or not, we're not far from the worst day of the month. the dow jones industrial average, and i know it's a pretty young month. but the bottom line is this -- they can't drop the market very much. since the second week of july. they tried on several occasions in the last four weeks. they were down 30 or 40, 50 points in the middle of the day, and it's always come off of the lows. sought market is not wanting to go down right now. even on a fairly quiet day, even on a day when we have big gains in financials the prior four or five days, even when we had big gains in cyclical stocks, those stocks did have modest profit-taking today but never extreme. 2%, 3%, 4%. and even with that weakness we saw here general strength in the overall markets. some of the bigger names in the financials, for example, like
outs hopes of a little bit, put a bank of america intraday here because the financials are starting to move just in the last 15 or 20 minutes. you see that? the volume has picked up here too. a number of the other banks. i'm just putting up bank of america as an example. what's going on? well, there isn't any news out there. remember, though, we are going to get some delinquency data next week on credit card delinquencies. i've heard some hopes out there that maybe some of the trust data as it's called might show trends that are a little bit better than expected. again, there might be hope for a last hour rally. let's go to scott standing by at the nasdaq. >> bob, thanks. we're lower for the week. now we're lower for the month of august. today we're down by 1 3/4%. that translates to a loss of some 34 points. a broad-based sell-off throughout not only technology but elsewhere. i'll take you through that in just a second. chips, for example, they've been weak throughout the day. one of the weakest spots on the nasdaq today. philadelphia semiconductor index, the s
things up. bank of america, $33 million to settle charges that they made false or misleading statements regarding bonuses paid to merrill lynch executives. and mary thompson's going to give you all the details on that in just a moment. on the cyclicals and the weak dollar, most of the major names are the highest levels since september or october of last year. all the big names were up 2%, 3%, 4%, even 6% or 7% here. auto storksz ford's at a new high. toyota's at the highest level since september.. the big car dealers like sonic automotive were up. again, the companies that have replacement parts are the ones that were down here today. finally, the defensive names looking very good here. excuse me. are the big laggards here as the people out there who are actively in the market want cyclicals, not defensive.e. there's the s&p 500 over 1,000 there for the first time since november. and as i said, 66 was the march 9th low. exactly 50% above that. melissa, back to you. >> yeah, ominous, but we don't mind now. thanks so much, bob pisani. a management shake-up and an s.e.c. settlement for ban
doing well.. bank of america announcing a $33 million settlement with the s.e.c. over allegations about how they reported the bank of america merrill lynch bonuses deal. that stock is trading up. a brilliant series of commentaries in the middle of the day from bank of america on the cyclicals. the weak dollar you see here. breakout. these are essentially new highs going back to september or october for most of the major cyclical names here. on the autos, ford's at a new high, toyota motors also at the highest since september. and even the car dealers are doing better today. look at sonic automotive. all the car dealers are up. you know what's not doing well in the auto group? anything that's like those replacement parts like auto zone. they were doing better when the sales were terrible. now sales are doing a little bit better they're a little weaker here today. take a look at the defensive names.s. the only groups holding back here is your classic pepsis and colgates, your heinzes as well. we had comments from clorox this morning that were a little disappointing. finally, here's the b
this company has seen. they're based in montreal, operations all over north america. it's a paper and wood company. highly cyclical. less worse than expect results, one of the top five performers in the russell 2,000 right now. the stock's up 23% today, up 60% since earnings season started a month ago and the company is saying they're having lower input costs and better cost controls. that is helping things out. dom tar, the former dominican tar and chemical with a big, big rally today. yeah, it's down but up from the bottom. back to you. >> thank you, matthew. franklin mutual advisors ringing the closing bell today in honor of the 60th anniversary of their mutual series groups, one of the oldest mutual funds out there. the group an's flagship here it, mutual funds outperform the s&p up nearly 26% over that period. joining me chairman and ceo of franklin mutual advisors peter langerman. more importantly, what was the last -- the first mutual funds came out in the 1930s. >> we were one of the first and i think the interesting thing for us, we are our 60th industry and basically doing the sa
of america and merrill lynch you. might recall ta both sides along with the sec i should say, the sides being bank of america and the sec providing submissions to judge overseeing this case yesterday. the judge overseeing this says that monday's submissions raised a few additional issues about the case. essentially the judge has a couple of questions specifically for bank of america and wants to know more specifics why the bank will spend $33 million to settle with the sec without admitting or denying wrongdoing if the proxy statement was not false or misleading, including whether it settled to curry favor with the sec. essentially when both sides, the sec and b of a submitted filings, they say that they relied on outside counsel to create the proxy statement. and rakeoff essentially says it is at war with common sense for a corporate officer who produced a proxy statement to say he relied on counsel and if the company does not waive privilege, meaning attorney/client, then the officer and council's culpability are beyond scrutiny. ray cough essentially ordering both the sec and bank of ameri
and a half, 2 billion 2:00.5 billion shares a day. same with bank of america. no conversion there but their stock has been terrific. goldman sachs. notice weakness, with other financials strong. maybe they're selling goldman to buy other financials. that's one theory. how about the transports? your other great cyclical group here. you look at the railroads, you look at ryder, you look at anything in this group. continental air did have a secondary and it was weak early on but that stock had big price swings today. it was down around $11. it's moving up here. 2% to 8% gains in all the transports. the transport sector is the leader so far this week. our team is covering the markets right around -- we've got all the bases covered. let's go to my friend mike huckman standing by at the nasdaq first. mike? >> thanks, bob. we are off the very poetic 2,009, 2,010 level we hit. but we're still hanging up around 2,000. we actually still have a few earnings stories to talk about here that are moving a handful of stocks here on the nasdaq and in a big way. for example, graphic chipmaker
behavior, period. obesity is a problem in america and will continue to grow. not sure what the solution is, but a tax to the general population will not solve anything but the pocket of the u.s. treasury who can't seem to ever close the checkbook." we got a lot from you. a lot of people talking about the sugar lobby, something we'll tackle on another show. in the meantime final hour of trade coming with "the closing bell." >>> a successful 30-year auction briefly brings stocks to new highs. we faded a bit since then wp we're entering the final and most important hour of the trading day right now. welcome to "the closing bell," everybody. i'm bob pisani down on the floor of the new york stock exchange. hello, michelle. >> hi, bob, good to see you, i'm michelle caruso-cabrera in for maria bartiromo at cnbc global headquarters. right now the dow jones industrial average is lower by a 4r89 more than ten points. 9,351. the nasdaq pretty indecisive trade there as well, higher by nearly two points, sitting right now on the 2,000 mark. the s&p 500 pretty indecisive day but let's see as we go into
the market to the upside today. we've got the master trust out of yesterday for jpmorgan, bank of america and american express indicating in general that delinquencies are at least stabilizing or moving in the right direction. finally, let's play hmo ping-pong. remember yesterday, they got killed on concerns that the public -- rose on concerns that the public option would now be out of the whole health care plan. today, the democrats some liberal democrats are fighting back saying they want it in. hmos to the down side. trader matt, the nasdaq. >> we're going to be playing times squares beer pong. we mentioned technologies very strong today, four to one positive or 80% of the nasdaq trading higher today were surging in towards a close close to our high level of the session. look down here. what the heck is going on with google? nothing. just sitting there. that's not a good sign. apple scott mentioned the upgrade from rbc first thing this morning. apple rim all with the price target substantially in some cases a double above where they are right now. they think there's mome
. sick trading at citigroup again. bank of america's been doing 350 to 500 million shares for four, five days in a row right now. citigroup will do over a billion. remember, they increased their weighting in the s&p 500. some are pointing out the big volume due to some better news from some of the mortgage insurers. radian had some positive comments yesterday. let's go around the horn and talk to all my friends. first brian schactman over at the nasdaq. >> thank you, bob. we're hovering near the lows of the session. you're looking at the internals. better than two to one to the down side. we've underperformed the broader market for the last two days and it's continuing. i want to actually point out a few of the positive stories to start. because of some future margin pressures, even though they have good earnings, cisco was down early. maybe it was john chambers talking on "squawk on the street." yahoo up .5%. ebay up 2.7%. chips have been weak all day. intel is right in line with the market about .8% but marvell down 2.5%. the weakest of the big names today, researc
led of course by citigroup and bank of america. i have received an automatic signal i've been growing algae for 35 years. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in blue or red, golden, green. algae could be converted into biofuels... that we could someday run our cars on. in using algae to form biofuels, we're not competing with the food supply. and they absorb co2, so they help solve the greenhouse problem, as well. we're making a big commitment to finding out... just how much algae can help to meet... the fuel demands of the world. >>> taking a look at today's business headlines, the commerce department reports factory orders unexpectedly rose by .4% in june thanks to strength in non-durable goods and orders for oil and coal products. economists had been predicting a drop of 1%. this is the fourth time in the past five months factory orders have increased. the mortgage bankers association reports mortgage applications rose 4.4% last week as rates on 30-year fixed loans hit a three-week low of 5.17%. that helped boost
and bank of america have definitely fallen off here today. finally, our third big story is the dollar rally which is continuing now for really the third, perhaps the fourth day. that's putting some pressure on commodities as well.l. take a look at the big names here on the commodity group here. remember, all of them had gains of 4%, 5%, 6%, 7%, 8%. all the big names including rio tinto under a little pressure from statements made by chinese officials that they may have been spying. again, these are hotly disputed issues, but all the big names in the materials group are to the down side. industrials had a great week last week. all the big names like qatar pil sxr 3m were up. many of the home building and material stocks, building material companies like masco were to the up side. but as you can see here, all of them down 3% or 4%. same situation with the retailers. we did get retail sales last week. a number of them did raise their guidance or had improved commentary like macy's. those stocks were to the up side. all of them, again, to the down side here today. pretty clear pattern going on
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. independence is the spirit that drives america's most successful investors. announcer: trade commission free for 30 days plus get $100 cash when you open an account. >>> no big sell-off but also no rally here. bob pisani, by the way, on the floor of the new york stock exchange. excellent new home sales numbers. look what's been going on here. we've been seeing new home sales four consecutive months on the up side. existing home sales four consecutive months on the up side. case shiller home price index up two months in a row now. these are clearly numbers that indicate some kind of bottom is being put in. why isn't the market a little more impressed? maybe because we've already had a 4% rally in a month that is traditionally seasonally considered weak. august and september the two weakest months of the year back to back. traders have been trying to play the short end of this thing and they've been losing. so a lot of people have simply been capitulating to go along with the overall trade. we've got more economic numbers in a couple days. there's the bell. you know who's next, maria bartiromo
from buyover at bank of america. you did have money coming into the defensive stocks today. maria, names like proctor & gamble and general mills and merck. >> the large health care providers. johnson & johnson also better on the session. let's look at the other business headlines we're following tonight. the chicago purchasing managers index was off to a better than expected reading of 50 this month. it is actually the highest reading since last september. because of a sharp increase in new orders and production. it is signaling that business activity in the midwest is on the cusp of expansion. the semi conductor association is reporting that july chip sales were up 5.3% from june to $18.2 billion. that is the fifth month in a row of sales gains. year over year, sales still down more than 18%. california governor arnold schwarzenegger declaring a state of emergency in four of the state's counties as firefighters continue to battle massive blazes. the largest fire is just north of los angeles, which is threatening thousands of homes and has already taken the life of two firefighter
, bank of america, citi. and there's some discussion out there that maybe that data will be a little better than expected. >> all right. so there we go. bob pisani, thanks very much. we're down 80 points now on the dow, but it is indeed a down day and a down week as we wrap it up here today. "closing bell" is next. continuing with melissa francis. >>> it is 4:00 p.m. on wall street. do you know where your money is? welcome to "the closing bell." i'm melissa francis in for maria bartiromo and here's what we are following at the close. stocks retreating after two days of gains amid mixed economic data. although we have recovered from the lows of the day. what really spooked investors, though, was a dropping consumer sentiment raising fresh concerns about consumer spending. and oil getting crushed today along with the broader market. crude down more than $3 or 4.3% at the close to close at $67.51 a barrel. here's a look at how we finished the day on wall street. the dow closing down on the day but likely well off the lows of the session. take a look. we had been down about 130 points an
america's buy list. citing valuation, weak industry fundamentals as well as including -- as well as rather historically high aluminum inventory levels and a lack of positive catalysts. alcoa shares are up 40% since being added to that goldman sachs america's buy list. the stock today down 3 2/3%. b.j. wholesale club reporting a second quarter profit down to $35 million. that still beat wall street estimates as cost controls were able to offset declines in food and gasoline prices. the nation's third largest warehouse club is also raising its full-year profit target because of improving margins. the stock today was up better than 2%. and drug maker eli lilly says it will not seek fda approval for its experimental osteoporosis treatment. the company is stopping development of the drug because it failed to meet a variety of secondary goals and because of potentially serious side effects. lilly is saying it will take a third quarter charge as a result of 3 to 4 cents per share for shutting down the development. the stock today up nonetheless. with the consumer making up 2/3 of the u.s. economy
america pape little soft in western europe and japan. otherwise, pretty good in the cell phone business. >> asia, that's definitely the key. we're going to get into asia, china, really where the growth is in the world as we continue for the hour. let's take a look at where we stand as we approach this final stretch here. and the numbers are looking like this. 9528 on the dow jones industrial average, down about 1 points, although as i mentioned earlier we did have fresh highs for the year earlier in the day about 10:00 a.m. eastern. down just a fraction on the dow. banks are mixed and the winners on the day actually are the home builders and the retailers. really the groups that are most closely associated with an economic recovery. nasdaq is down today four points lower, about a quarter of a percent on the nasdaq. it too pulling back from the highs reached earlier in the day p and the s&p 500 right now down about two points, sitting right now at 1,026. let's get to aur team covering the market here at the nyse as well as around the horn, and we kick it off of course with bob pisani dow
not have cancer. >>> bank of america will pay $150 million to settle a class action suit involving the sale of bonds and preferred stock by its merrill lynch unit. that's "news now." i'm julia boorstin. >>> there's a live picture of the floor of the new york stock exchange. monday afternoon on wall street as we enter the final stretch with the market giving up much of an earlier rally. hi, everybody. welcome to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. you've got oil prices at ten-month highs right now. the stock market actually earlier today briefly was in the territory to make new highs for the day. that reversed course as financials really took down the market. we have a mixed performance within the financials, and that is one of the reasons that this market is coming off of the best levels of the afternoon. take a look at where we are as i bring in bob pisani here, our eye on the floor of the nyse. bob, we've got the dow jones industrial average. close but no cigar. holding on to that 9,500 level but only up about 5 3/4. >> we have peo
tech stocks like ibm and cisco. your financials like bank of america. your material stocks like dupont, your big industrials like 3m. 20%, 30%, 40% gains. but wait a minute, what about the rest of them? there's a lot of big names out there, folks, that have gone absolutely nowhere. the laggards. the consumer staple stocks. like coke and kraft. the pharmaceutical stocks like pfizer, many of whom are down. you don't know it, but chevron down 4%. exxon's down 11%. procter & gamble's down 14%. this is a huge disparity in big cap names. and again, it's evf even a mode rally continues some are arguing investors are going to start looking for broader exposure by moving into some of the above names. we'll be talking to phil orlando and robert pavlik. 1026 is where we closed on friday. 1029 is where we are today. that's flat trading, folks. high beta financials, same story all week, where still even today we're getting very heavy volumes in the big names. citi's going to do over a billion shares. again, those three names, 25% of the volume at the new york stock exchange. still sitting right nea
to the downside as you take a look at names. citi down 6%, bank of america down 4% or so and wells fargo down about 5%. one of the reasons for the pressure in the financials today and perhaps in the market overall is because the influential analyst dick bove put out a note questioning the rally saying it appears to have run out of gas saying it's ripe for a pullback. that could be one area that's weighing on markets today. technology stocks, applied materials we're waiting for the numbers to close out. it's really the last big tech company to come out with an earnings report. there's been some weakness throughout tech today. apple shares down about 1%. research in motion has been weak. microsoft has been weak. obviously microsoft is weighing on the market because of that weakness, as well. the fed meeting going on, it began it's two-day meeting today. no rate move expected as we said. but there will be the statement that will be parsed certainly there. also, the resale sales reports coming out later this week will certainly be watched. there's a lot of cash on the sideline. that's what a lot
, fannie mae, freddie mac, bank of america and the parent of this network, ge. carol, when you replaced casual friday with nordic tuesday, was it really for fun, or to save money on heat? why? don't you think nordic tuesday is fun? oh no, it's fun... you know, if you are trying to cut costs, fedex can help. we've got express options, fast ground and freight service-- you can save money and keep the heat on. great idea. that is a great idea. well, if nordic tuesday wasn't so much fun. (announcer) we understand. you need to save money. fedex >>> let's take a look at widely held stocks. let's begin with the financials. it is green almost across the board though citigroup is a blip down a nickel or so. bank of america, jpmorgan chase, wells fargo and goldman sachs to the up side. today general electric, the parent of this network. we mentioned how oil prices are lower today and energy stocks certainly a drag on the markets. that's why you see exxonmobil to the downside but pfizer, at&t, and verizon are all in the green. >> scott, president obama appointing federal reserve chairman ben berna
... and for me, well, it wouldn't be so bad if this breadwinner brought home a little more bread. repower america. i hope our senators are listening. >>> welcome back to "the closing bell." i'm phil lebeau live at a ford dealership in countryside, illinois, where cash for clunkers is rolling into its final weekend with expectations that we'll see strong sales. in fact, today at this ford dealership look behind me. all of these empty spots, they were filled with cars this morning and there's been a steady flow of customers like this gentleman right here checking out vehicles, buying vehicles. and it's been that way at dealerships around the country. as we head into the final weekend of cash for clunkers some things to keep in mind. it will be ending monday night 8:00 eastern time. that's when the federal government says all paperwork from dealerships has to be submitted. they're stopping the program early to ensure adequate funding. 60% of the deals that have already been submitted to the federal government still awaiting review. so cash for clunkers so far has attributed basically 57,000 vehicles
on the all new taurus. ford president of the americas it mark fields tells us why the taurus can threaten toyota's camry and when the automaker could return to profitability. and cvs posting very healthy second quarter profits. the ceo tells us why he thinks it next year will be even better and what does he think about health care reform. has the fastest serve in the history of professional tennis. so i've come to this court to challenge his speed. ...on the internet. i'll be using the 3g at&t laptopconnect card. he won't so i can book travel plans faster, check my account balances faster. all on the go. i'm bill kurtis and i'm faster than andy roddick. (announcer) "switch to the nations fastest 3g network" "and get the at&t laptopconnect card for free". >>> back. here are some of the other stories we're following. home builder dr horton narrowing its third quarter loss to $142 million after losing $399 million a year ago. that was a larger loss than what wall street was looking for. revenue came in at a better than expected $914 million. the company also selling more homes compared to th
. higher than consensus. and they also are expanding a cost-cutting restructuring program to north america and latin america. there's the bad news. if you're a ten-year holder of the stock. it was once 300 and change. but truth be told, this thing is a momentum play off the bottom in the telecom equipment space. it competes with names like ciena and tellabs. adc telecom about a $900 million market cap. rebecca? >> thank you, matt nesto. short-term vulnerabilities, long-term upside, that is what the charts are telling us about the direction of equities. jordan kotick, global head of technical strategy at barclays capital joins us now in our regular "tick by tick" segment. it's great to see you, jordan. and i'm curious to know what chart you're looking at to understand that right now we might see a little vulnerability but over the long run things are looking a lot better. >> a couple of things. in the month of august we were still quite bullish the equity market but heading into september we're starting to see some warning signs that are a little bit of a discouragement to us and wanted to
, that works for me. are you ready to declare your independence? independence is the spirit that drives america's most successful investors. announcer: trade commission-free for 30 days plus get $100 cash when you open an account. >>> okay. welcome back to the floor of the new york stock exchange. time now for the closing countdown. consider where we were yesterday, marking the one-month anniversary of the start of the summer rally, asking if it was the start of the summer sell-off. today the market is up 117 points. a fed statement that was largely unchanged, certainly it's off the best levels of the day but the leaders today definitely the home builders, financial strokz strong and what can you say about technology? the nasdaq very strong as tech led the way. there's the bell. and "the closing bell" continues in just a second. >>> it's 4:00 p.m. on wall street. do you know where your money is? welcome to "the closing bell," everybody. i'm rebecca jarvis in for maria bartiromo. here's what we're following at the close. the summer rally roaring back after a two-day sell-off thanks to strength i
of the big financials. you look at bank of america, for example. it too started weakening oh, about 2:00, a little after 2:00. and there you go, bank of america ended the day in negative territory. i'm not going to show you all the financial charts. but citigroup, which also 4 h. a mons strous week, also had a very similar chart toward the end of the day. how about the big movers here? stick with the transports because they never really saw the big -- or even a correction in the middle of the day. they stayed strong throughout the day. csx 2% to 8% gains here. transports were the major sector leader this week, whether you were looking at some of the railroads or the truckers like ryder. continental reports did have a secondary. it was weak early on but ended quite strong. for the week another good week here. dow jones industrial average still settling out but up a little more than 2%. 2.3% by my back of the envelope. s&p. nasdaq up 1.1. a lot of strength in those small caps. you see the russell 2000 doing very well. >> in the transports. bob pisani, thank you so much. a better than ex
in china for corporate america? >> it's very important. the two economic engines that the world is looking to take us out of this recession in a reasonable way are china and the u.s. china has been pulling more than its own way weight for the first eight or nine months of this and we expect they'll continue. they should be able to do that more organically than through the physical stimulus they've been going through. >> do you agree with that, nick. >> yeah, i think it's been big for the material stocks, commodity based stocks, some of the industrial based stocks. why i am focused on the u.s. consumer is that the recovery there has been a little bit in balance. you basically have the stimulus, the lending that's gone on. you need some kind of civility come back for the export sector. we need to help that export sector out a little bit over there. >> what do you want to do if you believe that china is continuing this recovery? we had guests on recently talking about 9% growth in china. if that's the case, that should be pretty important for the global recovery. >> i mean, my general strateg
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-time worker in america today is only working 33 hours. and as i said before ron joined us, we have 30-plus million unemployed or effectively unemployed people today. so sure, there are green shoots. but i don't think these are green shoots, maria or ron, that are going to likely turn into redwood trees. >> it's interesting, maria. if you go back and read the excerpts from the newspapers or magazines from the end of the 1980 to '82 recession, and this one is just about as long as that one. we heard all the same things. banks were going to crash and continue to crash. we wouldn't get any jobs coming out of this recession, it would be very slow, tenuous at best, and that the mont ru stimulus wasn't going to work. we've heard that at the ebbed of eve every recession i've experienced both as a professional and an individual. and it turns out the government is more powerful than we think they are. if he they want the economy to turn and they put all the tools in to make it turn it will. there's a risk they pull back too fast, there's a risk the stock markets and commodity markets are correlated
, citi is down 5%, bank of america down 4%, perhaps the note from the dick bove weighing on financials. >> coming up next, we'll talk more about that as we take another look at the markets and where today's selloff may be creating attractive entry points. we're coming right back. i never thought i would have a heart attack, but i did. you need to talk to your doctor about aspirin. you need to be your own advocate. be sure to talk to your doctor before you begin an aspirin regimen. you take care of your kids, now it's time to take care of yourself. bric. let's take a look at some of the day's research calls. the latest upgrades and downgrades. qlogic upextra graded to center perform because of an expansion in profit margins and stronger demand due to a new intel product. yum brands downgraded to neutral from buy at ubs. analysts concerned about sluggish sales that the owner of the fast food chains. and dnagy cut. scott? >> and michelle, it's such a critical time for investors weigh thought we would bring back in the two davids, david darst, chief investment strategist with morgan stanle
a more prosperous america. mr. secretary, nice to have you on the program. welcome. >> thank you very much, maria. >> let's talk about your op-ed. you outlined how rising health care costs are impacting businesses of all sizes and creating a competitive disadvantage. how is that? >> well, i've been talking to businesses all across the country for the last several months, and one of the biggest issues they're concerned about is the rising cost of health care for them. and it's doubled in the last ten years. it's expected to double again. it's rising at almost 10% a year. certainly companies are not seeing income, or revenues increase by 10% a year. and so a lot of small businesses right now are actually dropping health insurance for their employees. and they just cannot find it sustainable. and those that do provide health care insurance to their employees, they're providing health care coverage, the same health care coverage, sometimes still cutting back on the coverage, in lieu of wages. because wages have actually been flat for about the last eight to ten years. why? because whateve
according to the tarp inspector general, including 1.1 billion from bank of america, 1.38 billion from citi. citi officials also pointing out the government's investment in common shares has gained 7 billion in value since the market has rebounded. but the jury is still out on those long-term investments in warrants and preferred stock. the citigroup breakdown looks something like this. and they're not alone in this conundrum. 50 billion in tarp funds in three separate fichlts. october 28th preferred stock and warrants worth about 25 billion. under the capital purchase program. december 31st trust pefrd preferred securities, another 20 billion of the targeted investment program. and in the middle of january another 5 billion under the asset guarantee program. now, the average strike price is about 14.66 per share. today those warrants are worth about 4.8 billion underwater or 72% below the strike price. but remember, we're talking about a ten-year option to buy. citigroup is now less underwater than they were earlier. however, experts say it's perhaps overall in the top five worst tarp inve
traded stocks 1/4 it's a law, citigroup and bank of america. >>> the highest level since november 2007 because of big jumps in new orders and shipments. and japan's economy has pulled out of its recession. japan's gdp growing at a 3.7% annual rate in the second quarter, helped by strong demand for cars and electronics. the news comes a week after france and germany also returned to growth, although japan's growth a little bit below expectations. >>> and according to published reports, china's sovereign wealth fund is going to make a big bet on the u.s. housing market. china investment corp. is reportedly in talks with managers in the public-private investment plan to buy up to $2 billion in mortgage securities because china believes the housing market is ripe for a recovery later this year. maria? >> well, bob, here's a big one for you. our next guest turned bullish in late february, when he said cover your shorts and predicted that the sharp rally would take hold. and that's exactly what we've seen. per permabear robert prefter is now bearish once again. founder and ceo of elliott wad
to the most fuel-efficient midsize sedans... ...and suvs in america. i don't know if you've heard, but this fuel efficiency thing.. kind of a big deal. anyway, ford and lincoln mercury have you covered... with showrooms full of fuel-efficient cars, trucks, suvs, crossovers, and hybrids. how's that for going green? now, get 0% financing plus up to $1,500 cash back on most ford, lincoln and mercury vehicles. go to, or visit your ford or lincoln mercury dealer. >>> welcome back, everybody. aig one of the hottest stocks on the s&p 500 today. but there's a real debate on whether that run can continue. and a battle over fundamentals versus technicals. my next guest says be careful. jared levy. he's the senior derivatives specialist at peak six investments. what do you think is going on here in the past couple of days? >> bob, i was listening to your guest a couple segments ago and he talked about a short squeeze. and that's part of what's happening. the fact the stock is hard to borrow plays a key role here. you can't get short shares. couple that with the fact the s.e.c. now m
that have been open for more than a year. gap north america was down 10% compared to a 6% decline in last year's second quarter. banana republic continuing to show some weakness, off 15% there compared to a 6% decline. old navy is where the improvement was. sales declined by 4%, but this is far better than the 16% decline seen in last year's second quarter and international showed a decline of 5% compared to the decline of 6% in the prior quarter. also one note of improvement, the company's gross margins improved by 150 basis points, or 1.5% in what the company called a difficult operating environment. no guidance given in the press release that was issued. the company will be holding a conference call at 5:00 eastern today. maria, back to you. >> all right, mary, thanks very much. really a nice indicator of where the retail area is right now and certainly consumer spending and sentiment. by the way, we are going to be talking with the chairman of the gap tomorrow. he'll be my guest here on "closing bell." join us for that special interview as we get more on the quarter as well as what he
financial names. huge volume in bank of america and citigroup. other citi did over a billion shares several days in a row now. two-month high for citigroup. bank of america, that's the high for the year. 300 million shares a day for five days in a row now. as we know, michelle, yesterday radian, some of the other mortgage companies came out and made some positive comments. back to you. >> thank you, bob. we have quarterly results from cbs. cnbc's julia boorstin has the details. julia? >> hi, michelle. yes, we're getting earnings per share on an adjusted basis of 8 cents on revenue of $3.01 billion. that's down from $3.39 billion in the same quarter last year. and also lower than analyst expectations. if you break it down division by division, you see that cbs has been significantly affected by the advertising downturn. the vast majority of cbs's revenues do come from advertising. and just to give a comparison, that 8 cents this year compares to 49 cents in earnings per share last year. television, which is the vast majority of cbs's revenues, coming in at $1.947 billion. that is the vast ma
of stabilization in tech in north america. >> and tech is doing well today once again, matt. you mentioned google up 4%. cisco you mentioned up 3%. that's certainly helping a number of these averages here. >> so up next we're coming back with the closing countdown. going to be exciting. >> and then after the bell google shares rallying after being added to goldman sachs's conviction buy list. five years after that $85 a share ipo. we will take a look at tech and what might be worth buying right here, next. hey mom i need some minutes. i just gave you some at the restaurant. yea i know. i threw them out. they were old so... old! they are rollover minutes. they are as good as new. ya know not everyone gets to keep their unused minutes. and these days we can't afford to be wasteful. saving minutes... ...saves money. yea. (announcer) only at&t's family talk with rollover saves your family's unused minutes. and saving minutes saves money. for back to school, get the lg neon for $29.99 after mail-in rebate. ♪ yes, you're lovely... ♪ what do you think? hey, why don't we use our points from chase sap
500. that's going to do 2 billion shares by the end of trading. jpmorgan and bank of america as i mentioned also strong. here's one reason why we're seeing financials do well. remember those mortgage insurers? radian had excellent numbers overall but the basic idea is mortgage insurers seem to be returning to some kind of profitability. radian, that's not a typo on the percentage move. that's a 52-week high. that's a big help to banks, to know there's some kind of return to profitability for some of the mortgage insurers out there. also, american express intraday came out and said their credit metrics are showing the first signs of improvement in 18 months. that is an intraday chart of american express. that helped the financials as well. finally, i just want to note the real estate investment trusts also moving up here today and a lot of speculation on that. the most obvious one is that they are notably underowned because of pessimism in commercial real estate and traders are being forced into those stocks as well. melissa, back to you. >> all right, bob. thanks so much. we're ju
and cisco and your financials like bank of america and your materials like dupont and your industrials have had a great time of it, but what a disparity, what i abifurcation in the market because when you look at the other big sectors out there there have been huge laggards in the consumer staples group, in the health care group, and in the energy group, which is perhaps one of the biggest surprises of all. exxon's down 10% 1:001%. so is chevron here. can any of these stocks start coming to the fore if you get some decent move up in the market and bigger players have to come in by larger parts of the market? there's the s&p, 1,026 last friday, 11,0today 1,028. small gain for the week. citigroup also traded over a billion shares. the retailers, j. crew still on fire. mickey drexler having another great year. of course with the help of michelle obama. they reported earnings expectations. also raised their guidance a little bit. also did tiffany. nice day for them. up 11%. dow jones industrial average up 0.3%. still settling out. s&p 500 also fractionally to the up side. sue, back to you. >> t
for me. are you ready to declare your independence? independence is the spirit that drives america's most successful investors. announcer: trade commission-free for 30 days plus get $100 cash when you open an account. >>> welcome back.. the regulator that was supposed to oversee brokers at the stanford financial group admits it did not follow up on an inside tip about fraud at the company. a tip that came more than five years before the company was actually charged with running a massive ponzi scheme. senior correspondent scott cohn has been on the story from the get-go. he joins us with the latest. scott in. >> reporter: maria, the regulator is finra, the industry's self-regulatory arm. and the tip came in late 2003 from former stanford adviser layla wideler, who told a finra arbitration panel in 2003 that her employer was running a ponzi scheme. that's wideler there. she testified at a senate banking committee field hearing in louisiana today. she lost that arbitration case and apparently her allegations of fraud got lost too. because at that same hearing, which was packed with angry st
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